Fidelity Investments and Envestnet have unveiled several new and upcoming enhancements to the Fidelity Managed Account Xchange (FMAX) platform.

FMAX now includes tax management for model portfolios, including Fidelity Custom Models.

Additionally, a scaled-down version of the platform, FMAX Essentials, is slated for launch later this year and is targeted at small and medium-sized firms.

FMAX's integrations with Envestnet are also slated to begin later in the year and will include Envestnet's Insurance Exchange and the company's Vantage institutional data aggregation product.

of Envestnet Insurance Exchange emerged from the pilot stage and became widely available in 2019, offering annuities from Allianz Life, Brighthouse Financial, Global Atlantic Financial Group, Jackson National Life Insurance Company, Nationwide and Prudential Financial.

The Vantage integration will allow the advisor to view positions and portfolios on and off Fidelity's brokerage platform.

Envestnet and Fidelity Investments will roll out these integrations on an ongoing basis through the end of this year and into 2025.

“All of these improvements are a result of the needs of advisors and also where we see the market going, especially with the complexity of what advisors are dealing with today,” said Gary Gallagher, head of wealth and portfolio advisory solutions at Institutional Fidelity. .

Advisors on the FMAX platform currently have access to the Fidelity Institutional Wealth Advisor, which includes research on Fidelity and third-party investment managers, Fidelity's investment consultants and portfolio solutions team, and the Fidelity Wealth Advisory Institute. Gallagher said over 1,000 advisors have enrolled in the Wealth Advisory Institute's modular education program so far.

Fidelity first discovered that it was working on the FMAX platform in 2019 AND put it at the end of 2020.

Fidelity Investments and Envestnet now collectively manage accounts totaling over $500 billion.